01/21/2014 05:16 EST | Updated 01/25/2014 04:01 EST

BlackBerry To Sell Most Of Its Canadian Real Estate


WATERLOO, Ont. — BlackBerry is selling the majority of its commercial real estate holdings in Canada, but the struggling smartphone maker refused Tuesday to say how much it expects to make from the deals.

Waterloo, Ont.-based BlackBerry said it plans to use a combination vacant sales and sale-leaseback arrangements in divesting the properties.

The company did not put a value on the real estate holdings but said those being offered for sale comprise more than three million square feet of space.

"BlackBerry will not comment on the potential value of a sale and will disclose further information as required in connection with any definitive sale transaction,'' it said in a release after markets closed.

The company is working with CBRE, a commercial real estate company that provides financing and management services in conducting the sales.

"BlackBerry remains committed to being headquartered in Waterloo and having a strong presence in Canada along with other global hubs,'' CEO and executive chairman John Chen said.

"This initiative will further enhance BlackBerry's financial flexibility, and will provide additional resources to support our operations as our business continues to evolve.''

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